Texas Commercial Business Insurance Agency Bloghttp://www.texascommercialbusinessinsurance.com/blog/View Texas Commercial Business Insurance Agency's Website Blogen-uspostmaster@0a2bcd23-e58a-4490-9194-bc52c0c41dd8.insurancewebsitebuilder.comInsurance Website Builder - www.insurancewebsitebuilder.comurn:uuid:00e71134-4571-41aa-a1b0-4164ddf44293urn:uuid:c6a9e109-85a6-46ac-901d-448f3da68605http://www.texascommercialbusinessinsurance.com/blog/texas_business_owners_policy.aspxTexas Business Owners PolicyTHE TEXAS BUSINESS OWNERS POLICY IS OFTEN REFERRED TO AS THE SMALL BUSINESS INSURANCE POLICY OR BOP SPECIFIC COMPONENTS OF THE BOP BUSINESS PROPERTY-This Small Business Property normally consists of Office Equipment and Office Contents. &nbsp...Thu, 20 Dec 2012 21:28:26 -0600<p><strong>THE TEXAS BUSINESS OWNERS POLICY IS OFTEN REFERRED TO AS <em>THE SMALL BUSINESS INSURANCE POLICY</em> OR <em>BOP</em></strong><br />
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<strong>SPECIFIC COMPONENTS OF THE BOP</strong></p>
<ul>
<li>BUSINESS PROPERTY-This Small Business Property normally consists of Office Equipment and Office Contents. &nbsp;It also includes small&nbsp;amounts of tools, equipment and inventory.</li>
<li>PREMISES LIABILITY-Commonly referred to as &ldquo;slip and fall&rdquo; coverage, it is intended to cover accidents that occur on the premises leased by the insured.</li>
<li>GENERAL LIABILITY-This coverage is underwritten on very low exposure risks. &nbsp;It covers the insured for Products Liability, Contractual Liability and Personal Advertising Liability. &nbsp;Examples of businesses commonly targeted as prospects for this coverage are Flower Shops, Novelty Stores, Gift Shops etc.</li>
</ul>
<p><strong>UNDERWRITING REQUIREMENT</strong>S</p>
<ul>
<li>BUSINESS OWNER-The named insured must be the business owner or the business entity.</li>
<li>LOSS HISTORY-The carrier will assess the loss history and the length of time in business as important criteria for policy approval.</li>
<li>EXPOSURE CONTROL-This element of underwriting is not considered as critical in most BOP evaluations as it would be in a standard General Liability policy approval.</li>
</ul>
<p><strong>NEEDS REQUIRING A TEXAS BUSINESS OWNERS POLICY</strong></p>
<ul>
<li>ADDITIONAL INSURED REQUEST-Landlords leasing to small businesses in offices and strip centers are major drivers for the purchase of BOPs. &nbsp;This is because landlords wish to remove the first level of exposure when leasing space to a business that may not protect the landlord&rsquo;s interest when the insured&rsquo;s business is negligent in managing it&rsquo;s premises.</li>
<li>ASSET EXPOSURE-The insured is exposed as well if injury occurs to clients and visitors at the insured&rsquo;s place of business, greatly exposing the insured&rsquo;s business assets.</li>
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